The story is a familiar one: Cheap foreign steel products are threatening domestic manufacturers, and the US steel industry is seeking relief with a trade case.
Here’s how it goes down: Following a petition by one or more US producers, the Department of Commerce and the International Trade Commission independently and simultaneously investigate any antidumping and countervailing claims. Commerce investigates whether imported products are sold at less-than-fair value or have been subsidized by foreign governments and determines duty rates accordingly. The ITC rules whether those imports materially injure or threaten material injury to the domestic industry. If either body votes in the negative, no duties are levied.
On Friday, Commerce is due to make its final determination in the antidumping and countervailing investigations of oil country tubular goods (OCTG) imports from South Korea, India, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey, Ukraine and Vietnam.